Reaction will be much more poorly expressed concerning long-term loans, than in

The relation of the short-term. And if furthermore reduction of wages in view of

The national discontent caused by it will shake political trust,
The satisfaction increased thereof liquidity preferences can
To absorb more than the sum of the cash liberated from the circulation.

6. As selective reduction of monetary wages gives always
Advantage to any separate businessman or any
Individual industry, also general reduction (though actually
Its consequences absolutely others) the optimistic mood too can cause
Among businessmen, helping that to break off a vicious circle

Superficially pessimistic estimations of a marginal efficiency of the capital and

Supplying return to more normal assumptions on the future. With other
The parties if hired workers as it is erroneous, as well as their employers,
Regard consequences of general reduction of wages, excitement
Among them can bring to nothing action of this advantage factor.
As besides it, as a rule, there is no such means, which
Would supply simultaneous and uniform reduction monetary wage
Payments in all branches, in interests of each group of hired workers
To counteract its reduction in an own special case. In
Real life of attempt of businessmen to lower monetary wages
By revision of agreements with hired workers will cause much more
Strong resistance, rather than gradual and automatic decrease in the real
Wages as a result of a rise in prices.

7. On the other hand, oppressive impression which will make on
Businessmen the increased burden of their debts, can partially neutralise
The optimistic reaction caused by reduction of wages.
Really, if falling of wages and the prices comes far,
Businessmen who are especially burdened by debts, can very fast

To appear on the verge of bankruptcy, and it will extremely negatively affect on

Investments. Besides, the fall in prices will increase real burden
Public debt, and consequently, and taxation that also,
Possibly, it will appear rather adverse for a reliance condition in
Corporate world.

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